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GameStop recently announced the inclusion of NFTs issued on Ethereum’s Immutable X Layer-2 scaling network in its market.
The added support allows users to buy and sell Web3 game assets.
Marketplace
A large number of games now have interactive NFT items available on GameStop markets.
As a result, the marketplace also offers digital trading cards and customizable bundles, among other assets.
Immutable X-based game titles include:
- Gods Unchained
- Illuvium
- Guild of Guardians
Months ago, in July, GameStop launched its highly-anticipated NFT market.
However, at launch, the platform only offered digital artwork and collectibles.
Many in the Web3 space were curious about when GameStop would start using interactive game NFTs, given the company’s direction and plans for the market so far.
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Immutable X
GameStop’s partnership with Immutable X was announced earlier this year.
The companies revealed that they have a $100 million token incentive fund for Web3 game developers.
Additionally, GameStop participated in a $ 500 million investment and grant fund for NFTs and game makers using Immutable X.
The platform is built on top of Ethereum.
Ethereum transactions typically require high gas fees, but Immutable X allows faster and cheaper gaming, app, and NFT interaction.
The platform moves transactions to the second layer of the blockchain to speed up the transaction.
Immutable, the company behind the platform, achieved crypto “unicorn” status earlier this year.
Tencent and Animoca are both investing in the company’s Web3 gaming vision.
The two investors took the startup to a $2.5 valuation with a $200 million Series C funding round in March.
The platform
GameStop announced that its marketplace completed the beta testing phase.
As a result, it incentivizes traders to use its NFT platform.
A GameStop representative said that the market returns users 1% of their daily trading volume in immutable IMX tokens.
The market also rewards users for staking tokens.
Additionally, the market commission is at 0.2% indefinitely.
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NFT
GameStop’s NFT, before Immutable X’s launch, totaled over $29 million from nearly 24,000 retailers.
Meanwhile, OpenSea generated $309 million in trading volume a month ago.
Although GameStop NFT has more trading activity than Coinbase NFT, they still lack a significant share of the NFT market.
Adding Web3 games to the platform can potentially bring a significant change.
Reference:
GameStop adds Web3 gaming NFTs to marketplace with Immutable X
